Sports Betting

Ohio Sports Betting Surpasses $10B In Total Handle

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Ohio Sports Betting Surpasses $10B In Total Handle

The sports betting industry in Ohio achieved an incredible milestone, surpassing $10 billion in total handle since sports betting officially launched on Jan 1. 2023. Gov. Mike DeWine signed House Bill 29 into law on Dec. 22, 2021.

Ohio became just one of 12 states to surpass $10 billion in lifetime handle, also the fastest to reach the mark

Ohio has the 12th-largest all-time handle by state in the U.S. sports betting industry. The Buckeye State trails New Jersey ($50.86 billion), New York ($43.41 billion), Nevada ($40.57 billion), Illinois ($33.89 billion), Pennsylvania ($29.54 billion), Colorado ($18.01 billion), Indiana ($16.62 billion), Arizona ($16.45 billion), Virginia ($16.11 billion), Michigan ($15.65 billion), and Tennessee ($12.88 billion).

Despite ranking out of the top 10, the state is still the fastest market to reach $10 billion in total wagers. Arizona had previously held the industry record for fewest months needed to reach the $10 billion mark, reaching that milestone in 20 months in April 2023. Arizona legalized sports betting in April 2021 and launched later that year on Sept. 9.

So far in 2024, Ohio’s revenue dropped month-over-month in March. However, January’s $113.1 million still leads for the best revenue performance this fiscal year. Operators have posted double-digit holds in three of the four months.

In April, the Ohio Casino Control Commission (OCCC) reported $667.03 million in handle and $73.92 million in revenue. This led to a 11.1% hold.

FanDuel led all other online sportsbooks in April

Furthermore, Gov. Mike DeWine decided to increase the state’s tax rate to 20% last summer. As a result, Ohio generated $14.78 million in tax revenue. This brought the year-to-date total to $63.9 million. It is improvement of approximately $18.7 million over the same period in 2023.

Year to date, Ohio sports betting operators have collected $2.96 billion in wagers. That’s a slight 1.6% decrease year-over-year from when the market was most successful in its first four months of legal betting last year.

About 97.6% of wagers were made via online sports betting sites in Ohio. Online sportsbooks reported a $657.1 million handle and $72.8 million in taxable revenue.

FanDuel was the No. 1 online sportsbook in Ohio in April, leading all other mobile operators in handle ($226.7 million), revenue ($33.98 million), and hold ($14.99%).

DraftKings was the only other online operator to record a nine-figure handle in April with $216.8 million. Plus, the sportsbook joined FanDuel as the only online operators to surpass eight figures in revenue with $20.8 million.

Next, bet365 and BetMGM each surpassed $40 million in handle. ESPN BET generated over $35 million as well.